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Thailand’s Securities and Exchange Commission has filed a criminal complaint against Bitget’s operator, BG Limited, and a local promoter over alleged unlicensed crypto operations, and plans to block access to the exchange’s website and app on December 5.
The regulator has not said customer assets will be seized, but it has urged users to review their holdings before the deadline.
The Thai securities regulator announced that it had submitted a criminal complaint to the Economic Crime Suppression Division against BG Limited for allegedly conducting unauthorized digital asset exchange activities.
According to the SEC, the company operated a cryptocurrency trading platform that enabled customers to buy, sell, and exchange digital assets while collecting fees for those services.
The investigation identified several features suggesting that Bitget deliberately targeted the domestic market.
These included a Thai-language website, cryptocurrency price displays denominated in Thai baht, and promotional campaigns directed toward local investors.
The regulator also identified marketing activity involving social media accounts, including Bitget Thailand on X, BGB Thai Holder on Telegram, and bitgetthailand on TikTok.
Authorities argued that these activities demonstrated the exchange’s intention to provide digital asset trading services to users in Thailand.
Under the country’s Emergency Decree on Digital Asset Businesses of 2018, cryptocurrency exchanges offering covered services within Thailand must obtain authorization from the relevant regulator.
The SEC concluded that Bitget’s alleged activities constituted operating a digital asset exchange under Section 3 of the legislation.
Because the exchange allegedly lacked the required authorization, the regulator determined that its operations violated Section 26 and could attract penalties under Section 66.
The RegWatch case highlights the legal exposure faced by international cryptocurrency platforms that serve domestic customers without satisfying local licensing requirements.
However, the filing of a criminal complaint does not establish that Bitget or the other accused party has been found guilty.
The allegations must undergo further investigation, prosecutorial review, and any subsequent court proceedings.
The regulatory action also involves Kritsana Kritsananuwat, whom Thai authorities accuse of assisting Bitget’s alleged unauthorized operations.
According to the SEC, Kritsananuwat promoted the exchange through online content intended to attract cryptocurrency traders in Thailand.
Investigators identified promotional activities conducted through the Facebook page Srisiam and the YouTube channel SRISIAM.
The regulator maintained that these efforts increased public awareness of Bitget and encouraged potential customers to use its services.
As a result, officials concluded that the activities could constitute assisting or facilitating an unlicensed digital asset business.
The allegations fall under Section 26 of the Emergency Decree, with potential penalties under Section 66 in conjunction with Section 86 of Thailand’s Criminal Code.
The development broadens the enforcement action beyond the exchange operator itself, extending scrutiny to individuals accused of promoting unauthorized trading services.
For cryptocurrency businesses, the RegWatch development underscores how local marketing activities can attract regulatory attention even when the trading platform is operated by an international company.
The SEC’s position suggests that promotional activity aimed at domestic users may be relevant when determining whether a platform is conducting business within Thailand.
However, the allegations against Kritsananuwat remain subject to the country’s criminal justice process.
The Economic Crime Suppression Division will examine the complaint before public prosecutors determine whether formal charges should proceed to court.
Any final determination of criminal responsibility will rest with the judiciary.
Beyond the criminal complaint, Thailand’s securities regulator has initiated steps to restrict access to Bitget’s services.
The SEC confirmed that it had submitted information concerning the exchange’s website, related internet domains, and mobile application to the Ministry of Digital Economy and Society.
The proposed restrictions are scheduled to take effect on December 5, 2026.
Once implemented, users in Thailand are expected to lose access to the affected Bitget services through the restricted channels.
The planned enforcement falls under the country’s 2025 legislation addressing technology-related crime, which provides mechanisms for restricting unauthorized digital asset platforms.
Authorities say the restrictions are intended to protect investors and reduce the possibility of unlicensed cryptocurrency services being used for fraudulent activities or money laundering.
The announcement creates a limited period for customers to review their exposure before the restrictions take effect.
The RegWatch deadline is particularly important for individuals holding cryptocurrency on Bitget because restricted access could disrupt their ability to manage or withdraw assets through the platform.
The SEC has urged affected investors to evaluate their holdings and make appropriate arrangements before December 5.
Although the announcement identifies the date when access restrictions are scheduled to begin, it does not provide detailed instructions concerning every possible withdrawal or asset transfer scenario.
Customers may therefore need to monitor official regulatory announcements and the exchange’s service notifications.
The authorities have not announced that customer assets will be confiscated as part of the website-blocking process.
Rather, the stated objective is to restrict access to an allegedly unlicensed trading platform and reduce potential risks to investors.
Thailand’s regulator has also issued a broader warning concerning the risks associated with cryptocurrency platforms operating outside its licensing framework.
The SEC cautioned that customers using unauthorized exchanges may not receive the same legal protections available through regulated digital asset businesses.
These risks can include difficulties resolving disputes, recovering funds, or obtaining regulatory assistance when problems arise.
Unlicensed platforms may also expose investors to greater risks involving fraud, scams, and money laundering activities, according to the regulator.
The latest RegWatch enforcement action reflects Thailand’s effort to distinguish authorized cryptocurrency operators from platforms offering services without local approval.
The regulator maintains a public list of licensed digital asset businesses to help investors determine whether a trading platform is operating within the country’s regulatory framework.
It also provides an investor alert system identifying individuals and businesses that are not regulated by the SEC.
These resources are intended to help customers verify the status of cryptocurrency service providers before transferring funds or opening accounts.
Investors can consult the SEC’s official website or its SEC Check First application to review authorization information.
The regulator also allows individuals to report suspicious digital asset activities through its complaint channels, including hotline 1207.
For Bitget, the immediate challenge involves responding to the allegations while preparing for the scheduled restrictions on access to its services.
The complaint comes only weeks after the exchange reportedly disclosed plans to acquire a licensed Thai cryptocurrency platform.
However, the SEC’s November 5 announcement does not indicate that those plans resolve the allegations concerning its earlier operations.
The criminal investigation and the planned access restrictions therefore remain separate regulatory developments requiring attention.
As the RegWatch proceedings advance, investigators will examine the evidence before prosecutors determine whether the case should proceed to trial.
The regulator has stated that it will monitor the legal process and cooperate with relevant authorities.
The outcome could further clarify the compliance responsibilities of international cryptocurrency exchanges seeking to serve investors in Thailand.
For customers, the immediate concern is the December 5 deadline and the potential disruption to access through Bitget’s website and application.
The RegWatch case ultimately illustrates Thailand’s increasingly assertive approach to digital asset oversight, particularly concerning foreign platforms accused of operating without authorization.
While the complaint remains unresolved, the scheduled access restrictions place pressure on affected users to review their holdings and on cryptocurrency businesses to comply with local licensing obligations.
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